Post by Deleted on Jan 4, 2018 16:26:23 GMT
Dow breaks above 25,000 for first time
Sruthi Shankar
(Reuters) - The Dow Jones Industrial Average sailed past the 25,000-mark for the first time on Thursday, while other major indexes rose to new highs after a strong private jobs report added to a bullish sentiment from indications of robust growth in major economies.
A board shows the Dow Jones Industrial Average as it rises above 25,000 on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., January 4, 2018. REUTERS/Lucas Jackson
The ADP National Employment Report showed that U.S. private employers added 250,000 jobs in December, marking the biggest monthly increase since March, and much above the 190,000 job additions forecast by economists polled by Reuters.
A more comprehensive non-farm payrolls report on Friday is expected to show the economy added 190,000 jobs in December, down from the 228,000 additions in November.
“Economic data tomorrow is not going to be tremendously spectacular, but what we’re seeing is very positive growth, a good economic backdrop that gives people more confidence in corporate earnings,” said Aaron Anderson, senior vice president of research at Fisher Investments.
The Federal Reserve affirming its view of gradual interest rate hikes this year in minutes released on Wednesday also supported the sentiment.
At 9:37 a.m. ET (1437 GMT), the Dow Jones Industrial Average .DJI was up 93.26 points, or 0.37 percent, at 25,015.94 and the S&P 500 .SPX was up 9.54 points, or 0.35 percent, at 2,722.6. The Nasdaq Composite .IXIC was up 31.71 points, or 0.45 percent, at 7,097.24.
World stocks also hit records, driven by strong manufacturing and services sector data in major economies.
link
Sruthi Shankar
(Reuters) - The Dow Jones Industrial Average sailed past the 25,000-mark for the first time on Thursday, while other major indexes rose to new highs after a strong private jobs report added to a bullish sentiment from indications of robust growth in major economies.
A board shows the Dow Jones Industrial Average as it rises above 25,000 on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., January 4, 2018. REUTERS/Lucas Jackson
The ADP National Employment Report showed that U.S. private employers added 250,000 jobs in December, marking the biggest monthly increase since March, and much above the 190,000 job additions forecast by economists polled by Reuters.
A more comprehensive non-farm payrolls report on Friday is expected to show the economy added 190,000 jobs in December, down from the 228,000 additions in November.
“Economic data tomorrow is not going to be tremendously spectacular, but what we’re seeing is very positive growth, a good economic backdrop that gives people more confidence in corporate earnings,” said Aaron Anderson, senior vice president of research at Fisher Investments.
The Federal Reserve affirming its view of gradual interest rate hikes this year in minutes released on Wednesday also supported the sentiment.
At 9:37 a.m. ET (1437 GMT), the Dow Jones Industrial Average .DJI was up 93.26 points, or 0.37 percent, at 25,015.94 and the S&P 500 .SPX was up 9.54 points, or 0.35 percent, at 2,722.6. The Nasdaq Composite .IXIC was up 31.71 points, or 0.45 percent, at 7,097.24.
World stocks also hit records, driven by strong manufacturing and services sector data in major economies.
link
